Indiana Code 30-4-5-19. Private corporate foundations organized before January 1, 1970; application of IC 30-4-5-18
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Terms Used In Indiana Code 30-4-5-19
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Court: means a court having jurisdiction over trust matters. See Indiana Code 30-4-1-2
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
Sec. 19. The provisions of 30-4-5-18 shall not apply to any such corporation organized before January 1, 1970, to the extent that a court of competent jurisdiction shall determine that application of such section to such corporation would be contrary to the terms of any instrument which may not be changed to conform to such section and by which such corporation is bound.
Formerly: Acts 1971, P.L.416, SEC.6.